Welcome to Recap AMA IgniteCrypto & LendHub #AMASeries

On August 25, 2021, Ignite Crypto and LendHub got together to host an Ask me Anything (AMA) chat with the community. The following is a summary of the content of the entire AMA

“LendHub is the safest decentralized lending platform aiming to facilitate cross-chain lending”

Admin: Hello Mr. Jason, welcome to Ignite Crypto. Nice to meet you here tonight 😀

Jason: Nice to meet you, and nice to see everyone here tonight

Admin: 🎉 Congratulations LendHub Cross Chain to BSC

Jason: Thank you. we are very excited about LendHub Cross Chain to BSC. We also have a promotion to celebrate this event with 300,000 LHB up for grabs.

Admin: Great. So today, many of our members are waiting for the latest information about LHB token from you. Hopefully, some of the questions of Ignite members will be answered by you in this talk chat.

Admin: Let’s Move Part 1: Introduction to the project and AMA guests. Some general questions about the project.

Question 1. Please introduce yourself and the LendHub platform, and synchronize the latest operation trends of the project?

Jason: Hello everyone. I am Jason, the core developer of LendHub. LendHub is a multi-chain decentralized secure lending platform for BSC and Heco. It has supported more than 20 asset lending and liquidity LHB. Users can obtain incentive token LHB rewards by borrowing on LendHub. LHB will serve as the hub of the LendHub platform, and realize the mutual integration and value transfer between multiple public chain assets by supporting the pledge and lending of multi-chain assets. As of 15:00 on April 8, the total amount of deposits and loans on the LendHub platform exceeded 1.86 billion U.S. dollars, and the locked-in value (TVL) exceeded 1.128 billion U.S. dollars, breaking all-time highs. LendHub always puts the safety of user assets in the first place, and there has never been any security incident since its launch.

LendHub has launched a global expansion plan, and the first round will be simultaneously promoted in South Korea, Vietnam, Thailand and other markets. In order to promote more penetration in different markets, the platform is recruiting community volunteers from all over the world. Users can sign up after entering the English community on the official website and contacting customer service. Volunteers will be responsible for the establishment, new development, maintenance and management of local communities. Selected volunteers will receive USDT and LHB rewards every month.

In addition, the platform will plan to launch new products related to leveraged mining and other financial derivatives to meet more user needs and give LHB more empowerment. LendHub, AKA’s most secure and easy-to-use DeFi lending platform, is expected to develop into a leading DeFi lending platform like Compound and AAVE with its excellent products and good reputation.

Admin: Question 2. What opportunity did the team create for LendHub, and why did they choose the DeFi lending track?

Jason: As the core developer of the platform, the team is determined to build the largest lending platform on the Heco chain, compared to Compound on ETH.

Of course, we firmly believe that in the torrent of DeFi, decentralized lending is currently one of the most implemented applications of blockchain. DeFi lending can not only meet the most essential borrowing needs of finance, but also greatly improve the borrowing efficiency of users. The future market potential of the track is huge and it is worth exploring.

Admin: Question 3. Recently, there have been frequent security incidents on the BSC chain or hot public chain. Why should the project announce the cross-chain at this time? In addition, what have you done to protect the security of user assets?

Jason: Currently, the announcement of cross-chain to BSC is originally our planned time. We are following our own development progress. It happened that this time completed the development and deployment of cross-chain to BSC. So we went online.

In terms of ensuring the safety of user assets, our smart contract code is completely open source, and the code has passed the audit of a number of professional security companies. The smart contract code of LendHub has been open, safe, and transparent, and has never been safe since it went online. In the event of an accident, users can be completely relieved to deposit and borrow on LendHub.

Admin: Question 4. As the largest lending platform on the Heco chain, what dazzling achievements has LendHub ever achieved? (Total deposits and loans, TVL, user base, etc.)

Jason: After LendHub went live on January 14, 2021, it has rapidly developed into the largest decentralized lending platform for Heco on the Huobi Eco-Chain. Only 69 hours after the platform was online, the total amount of deposits and borrowings exceeded 388 million U.S. dollars; on April 8, the total LendHub platform deposits exceeded 1.86 billion U.S. dollars, and TVL exceeded 1.128 billion U.S. dollars; on May 6, LHB/USDT 24h total network transaction volume exceeded 4250 Ten thousand U.S. dollars, the highest increase in the day exceeded 116.2%. Recently, the number of coin-holding addresses on the LendHub chain has reached 123012, and TVL has jumped to the top 5 in the DeFi market, ranking second only to Compound.

Admin: Question 5. What do you think is the biggest challenge in the current DeFi lending track? How can we successfully break through?

Jason: With the rapid expansion of the DeFi lending market and the emergence of more and more DeFi lending platforms, it is worrying that many lending platforms are trying to seize the market as soon as possible and pursue speed while ignoring security, contract vulnerabilities and other security Frequent accidents have caused many users to bear huge economic losses. This has caused many new users to enter the DeFi market to worry about the safety of DeFi lending. When LendHub expands the market, especially when attracting new users, the biggest challenge it encounters is how to prove that the user’s assets are very safe.

The LendHub team attaches great importance to the security of platform assets and always puts security issues at the top of development. Since its launch on January 14, the platform has been safe and has zero accidents, and the code is completely open source for the first time. At the same time, LendHub has passed the security audits of many well-known companies, and in order to maximize the stability of the system’s price feed, it chose to use the Chainlink oracle machine to feed the price.

Admin: that’s the last question of part 1, soon we will move on to part 2 of AMA. Thank you for your detailed responses Mr. Jason. You have really helped us to learn and understand more about LendHub!

Part 2: Form Questions.

Admin: Now, let’s begin with Part 2 of the AMA. we have chosen 5 best questions from our users in Google form. Our guest will answer all of them.

Q1. What do you predict LendHub largest challenges will be in the future? How do you plan to solve them?

Jason: With the rapid expansion of the DeFi lending market, more and more DeFi lending platforms have emerged, but it is worrisome that many lending platforms ignore security in order to go online as soon as possible to seize the market and pursue speed. Security accidents such as contract loopholes occur frequently, which makes many users bear huge economic losses. This has caused many new entrants to the DeFi market to worry about the security of DeFi’s loans. One of LendHub’s biggest challenges in expanding the market, especially in attracting new users, is how to prove that user assets are safe.

The LendHub team takes the security of our platform assets extremely seriously and always puts security at the top of its agenda. Since its launch on January 14, the platform has been safe and there has been no accident. The code is completely open source in the first time. At the same time, LendHub has passed the security audits of many well-known companies, and in order to maximize the stability of the system’s price feed, it has chosen to reach a strategic cooperation with the oracle Chainlink.

Admin: Q2. What is the function of LendHub in LendHub ecosystem? What are the benefits for LendHub holders?

Jason：LendHub, as a decentralized lending platform on the Huobi Eco-Chain Heco, can not only obtain LP compound interest mining income through pledged LP, but also deposit or lend through BSC, Heco assets, DAO pledge pool (LHB single currency pledge), and liquidity Pool (staking LHB-HT or LHB-USDT’s LP Token) and other mining methods to obtain LHB rewards.

Currently, LendHub has supported 15 types of Heco asset lending and mining LHB: HT, HUSD, HBTC, USDT, ETH, HDOT, HFIL, HLTC, HPT, BAGS, MDX, BCH, UNI, BETH and COMP.

There are 3 reasons why LHB has become a user’s long-term investment project: First, the safe and steady development.The founding team of LendHub understands that all development must be based on asset security. To allow users to deposit with peace of mind, this is the basis for continued empowerment of LHB. Second, innovative development of lending products. LendHub innovated and launched automatic reinvestment type LP compound interest mining, which greatly improved the user’s fund utilization rate. The platform will use 30% of the handling fee for repurchase and destruction of LHB and HT, of which 20% will be used for repurchase and destruction of LHB and 10% will be used for repurchase and destruction of HT, and the platform will destroy every 10 minutes. In addition, the community will vote on whether the platform will be able to launch a popular asset. The birth of these innovative products has injected vigor into the development of LendHub. Third, we need to pursue long-term sustainable development. LHB team tokens will be unlocked for 10 years, which is the longest team token unlock time in history. The total amount of LHB tokens is 1 billion, of which 800 million is generated by borrowing and mining, and 200 million tokens are linearly unlocked to the team over 10 years. This move also demonstrates the team’s determination to develop LendHub into a head lending platform.

Admin: Q3. What are the advantages of LendHub compared to most projects currently on the market? Will there be some innovation?

Jason：In terms of product iteration, LendHub has the spirit of “craftsman”. Since the platform went online on January 14, the team has continuously optimized the user experience and upgraded the product 17 iterations. At the same time, LendHub made efforts to expand the global market and reached a strategic cooperation with Chainlink Oracle.

In terms of product innovation, LendHub has launched an automatic reinvestment of LP compound interest mining. Users will get LP’s compound interest mining income. This innovative product not only allows users to obtain LP compound interest income, but also improves the capital utilization rate of user pledged loan assets. This product has become a good start for LendHub on the road of exploring innovative and innovative finance.

Admin: Q4. Security & User Interface are the Most Important Aspect that Users see on a platform. How has Your Project worked on this? Is Platform suitable for Newbies in the crypto world?

Jason: LendHub team takes the security of our platform assets extremely seriously and always puts security at the top of its agenda. Since its launch on January 14, the platform has been safe and there has been no accident. The code is completely open source in the first time. At the same time, LendHub has passed the security audits of many well-known companies, and in order to maximize the stability of the system’s price feed, it has chosen to reach a strategic cooperation with the oracle Chainlink.

Yes, LendHub is a user-friendly platform for all people in terms of security.

Admin: Q5. Security is the most important thing to consider want starting up a project, how secured is this project for users and investors?

Jason：The LendHub team pays special attention to the underlying technology and security issues, and always puts the user’s asset security in the first place in development. Since the platform was launched, there have been zero security incidents, and it has passed security audits by many well-known security companies. The code is completely open source and certified. In the future, LendHub will cross-chain the BSC ecology and realize the common development of the BSC chain and the Heco chain. LendHub will always guarantee the security of the platform and assets, and continue to escort the decentralized and secure lending on the BSC chain. In addition, LendHub has reached a strategic cooperation with the leading Oracle Chainlink in order to maximize the security of system price feeding.

Admin: Great. Community inquiries were partially answered through 5 questions from the Form. Here we will move on to the final part of the AMA

Part 3: Live Question. Guests will answer questions that people send. The winner will be chosen by the guest. (5 winners)

Question 1: The idea of project is really unique and incredible, how did this idea come about? @TisaCaudill

Answer: Thank you for your affirmation. Our team are all experienced Defi players, but found that there is no particularly good dialogue platform, so we decided to create one ourselves.

Question 2: Is this platform suitable for Crypto beginners?Or does it only appeal to professional users? @MillardValenti

Answer: Lendhub is also very suitable for beginners in the industry, just log in to our official website and read the tutorial to use it easily.

Question 3: is your project global? is it easily accessible to everyone? and tell me please is there any particular market that you/your project focus on? @CryptoR778

Answer: Lendhub is suitable for the global market, and cryptocurrency enthusiasts all over the world can use us.The current main market is still in Asia.

Question 4: Projects that are not traded on major exchanges remain unnoticed. What does you think about listing Project on the leading exchanges? @SyreetaWatters

Answer: We have launched Huobi Global, and we also hope to launch more exchanges so that more users can understand us. We will continue to work hard in this regard.

Question 5: Can you share some Details about Recent Major Achievements done by your project? Also, what are the Future Roadmap & Targets of your project? @VincenzoSilva

Answer: There are many plans. First of all, in terms of multi-chain development, we have already launched HECO and BSC. In the future, we will also consider launching other mainnets such as ETH and Matic.

Secondly, in terms of enriching product assets, we will consider opening up LendHub’s innovation zone, introducing and launching more high-quality innovative assets, enriching LendHub’s lending assets, and satisfying the lending needs of more users.

Another is to innovate the gameplay of financial derivatives, such as the online leveraged lending function, or the gameplay of some financial derivatives combined with LHB, so that LHB can gain more ecological empowerment.